A Nigerian tech startup, IroFit, has received a $600,000 financial backing from investors to explore emerging market stakes in mobile payments.
The start up company received the fund from both foreign and local investors including Inventure, Solinor and Rasheed Olaoluwa an indigenous angel investor.
IroFit’s solution is a mobile platform for small business to accept card payments through a mobile EMV-certified card reader. The company will also provide support for small businesses through management tools like sales accounting, inventory management, CRM, loyalty management and payroll support.
Omoniyi Olawale, IroFit’s Founder and CEO says “emerging markets are the fastest growing economies in the world and they demand solutions designed specifically for their needs, rather than repurposed services originally built for Western markets.”
According to Olawale, “the angel investor from Nigeria, Rasheed Olaoluwa, found us through our VC4Africa venture profile, then reached out to us. He was the first investor we got in the group. So that says something about the impact VC4Africa is making.”
According to VC4Africa, IroFit builds a mobile card payment system that allows merchants to accept card payments without an Internet connection.
“They provides a seamlessly integrated mobile platform for small businesses to accept card payments and organize growing operations: all with a mobile app and an EMV-certified card reader. It also provides support for small business management tools – sales analytics, accounting, inventory management, CRM, loyalty management, and payroll support,” VC4Africa said.